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Aug 15, 2023

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The “Global Fiber-Reinforced Polymer (FRP) Composites Market 2023“ research describes the competitive market environment based on production volume, profits, and sales. The report covers even the

The “Global Fiber-Reinforced Polymer (FRP) Composites Market 2023“ research describes the competitive market environment based on production volume, profits, and sales. The report covers even the supply chain analysis of the top Key players.

The global fiber-reinforced polymer (FRP) composites market size was US$ 161.8 billion in 2021. The global fiber-reinforced polymer (FRP) composites market is forecast to grow to US$ 418.2 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.5% during the forecast period from 2022 to 2030.

Fiber-reinforced polymer (FRP) composites offer high flexibility as they are lightweight and corrosion-resistant. In addition, they possess high strength. These composites find wide applications in aerospace, automobile, and civil industries.

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Global market success will lead to innovative corporate goals and advantages. The business environment view, product details, and applications further provide insight into the study. Additionally, the report examines each region’s and market participant’s contribution to the market. The market also offers information on import/export statistics, consumer volume, manufacturing capacity, and price analysis.

Large Fiber-Reinforced Polymer (FRP) Composites corporations are laying the seeds of their own demise by seeking consolidation for improved profitability and reduced costs. The Fiber-Reinforced Polymer (FRP) Composites industry has stopped attempting to innovate with novel concepts and new goods. Instead of upsetting its own company, the industry has chosen incremental innovation inside its own product portfolios, and much of the innovation that takes place is to sustain or barely grow the current business. The industry investigates Biogas, hydrogen, and electric heating as potential substitutes for natural gas as feedstock and power sources.

Factors Influencing the Market

Growing industrialization is the primary factor driving the fiber-reinforced polymer (FRP) composites market forward. In addition, the amplifying rate of population growth and the growing number of construction activities will fuel the growth of the global fiber-reinforced polymer (FRP) composites market during the forecast period.

Fiber-reinforced polymer (FRP) composites find wide applications in automotive, aerospace, electronics, defense, and other industries. Thus, all of these growing industries will drive the growth of the fiber-reinforced polymer (FRP) composites market during the study period. In addition, growing disposable income and rising employment rate will also prompt the growth of the global fiber-reinforced polymer (FRP) composites market during the study period.

Strict government regulation associated with the use of fiber-reinforced polymer (FRP) composites may limit the growth of the market during the analysis period. On the contrary, innovative strategies by industry players are expected to benefit the market in the coming years. For instance, Teijin and Safran signed a deal to purchase high-performance composite materials in 2020.

Competitors in the Market

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Through the conclusion of the year, 2022 saw growth in the Fiber-Reinforced Polymer (FRP) Composites industry’s payrolls. In January, employment in the Fiber-Reinforced Polymer (FRP) Composites industry surpassed pre-COVID levels, and in 2022, payrolls increased by more than 15,000 people. Global Fiber-Reinforced Polymer (FRP) Composites output increased by 5.2% in 2021 due to the worldwide economic boom and soaring demand for commodities. The production of the global industrial sector declined in 2022 after a boom in 2021 that was sparked by a shift in consumer expenditure toward products and a hefty fiscal stimulus.

Global Fiber-Reinforced Polymer (FRP) Composites output is anticipated to increase at a 2.9% rate in 2023 as production in Western Europe gradually picks up steam from its low points and production in the Asia/Pacific region recovers. With nearly 45% of the world’s Fiber-Reinforced Polymer (FRP) Composites market, China continued to be both the world’s largest producer and consumer of market. Since 2010, when the market share was about 26%, there has been a year-over-year increase, and it now makes a significant contribution to the GDP of the nation. The nation is the top exporter in industries including silicon, PVC, and several specific Fiber-Reinforced Polymer (FRP) Composites market.

Market Segmentation

The global fiber-reinforced polymer (FRP) composites market segmentation focuses on Fiber, Application, and Region.

By Fiber Type Outlook

By Application Outlook

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By Regional Outlook

Key questions answered in the market report are:

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